SKF clarifies comments from presentation given on 21 March 2014
2014 March 24, 13:20 CET
Gothenburg, 24 March, 2014: Following our presentation at Bank of America Merrill Lynch, Global Industrial and EU Autos Conference 2014 on 21 March, SKF wants to make a few clarifications.
Below is a summary of how SKF sees the development of its different industries and how this may impact demand for SKF's products and services for the first quarter 2014.
Overall demand is slightly higher year over year, as per outlook, but will probably be closer to relatively unchanged sequentially.
From an industry viewpoint sequentially, trucks and energy are doing a little better than expected. Industrial general is moving towards relatively unchanged. Industrial distribution looks relatively unchanged, due to limited pre-buy effect which was highlighted as a possible risk when outlook was given. All other industries seem to be as expected. This sequential development has a somewhat negative influence on the business mix.
The situation in Latin America is negatively influencing the currency impact on profit before taxes.
Manufacturing has been slightly adjusted within the guidance, which is slightly higher sequentially and higher year over year.
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SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has around 15,000 distributor locations worldwide. Annual sales in 2013 were SEK 63,597 million and the number of employees was 48,401. www.skf.com
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